Diageo to Name New CFO

SaabiraChaudhuri

Diageo PLC said it will name a new chief financial officer as Deirdre Mahlan is moving to head its North America unit.

The spirits company earlier this month said that Larry Schwartz, who has headed its North America unit since 2012, will step down.

Diageo said Tuesday it will name a new CFO in due course.

"Diageo North America is a strong business and we are determined to deliver on that strength," said CEO Ivan Menezes.

The moves come as Diageo has been struggling with a slowdown in the U.S. spirits industry with key vodka brand Smirnoff falling. The brand makes up around 25% of Diageo's $5.22 billion in annual North American sales, but has been hit by price competition and signs that Americans are falling out of love with flavored vodka. In the six months ended Dec 31, North America, which is easily Diageo's biggest and most profitable region, saw sales decline 2%.

The company on Tuesday added that it's making a number of organizational changes at Diageo North America.

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